Stitch Fix CEO Elizabeth Spaulding shared the under message with Stitch Fix workers earlier in the present day.
Today, I’m writing to share the troublesome information that we’re decreasing our workforce by roughly 15% of salaried positions. This represents roughly 4% of our roles, or round 330 positions, in whole. Most of the reductions are in our non-technology company roles and styling management roles.
In gentle of our latest enterprise momentum and an unsure macroeconomic surroundings, we have taken a renewed take a look at our enterprise and what’s required to construct our future. While this was an extremely troublesome choice, it was one we wanted to make to place ourselves for worthwhile progress. We are within the midst of a metamorphosis and we all know not every single day or each second shall be straightforward. There shall be robust decisions alongside the way in which, and that is a kind of.
All these whose roles have been impacted have been notified as of this morning. I need to thank these workforce members with whom we’re parting methods for every little thing they’ve carried out for Stitch Fix, and for our shoppers. Our precedence proper now’s to help them by way of this transition in each method that we will. I’m deeply grateful for all of their contributions, and know any firm shall be lucky to have them on their groups.
While we’re in a difficult interval, we all know what we have to do to return to worthwhile progress. Going ahead, we are going to proceed to innovate our consumer expertise and broaden our providing, and make investments strategically in each know-how and product. We stay assured in our long-term technique and imaginative and prescient, and are grateful for the exhausting work of our gifted workforce members. I do know we have now what it takes to execute and ship on the chance earlier than us.
Your VPs shall be internet hosting workforce conferences later this morning for persevering with workers. Tomorrow (Friday), we can have a brief All Hands, adopted by particular person org All Hands led by your MGMT member. Next week, we can have our June All Hands the place we are going to take Q&A and discuss extra about our path ahead.
Thank you all to your unwavering dedication to delivering for our shoppers, and dealing collectively to boldly create the longer term.
Stitch Fix Inc. printed this content material on 09 June 2022 and is solely chargeable for the knowledge contained therein. Distributed by Public, unedited and unaltered, on 09 June 2022 18:11:01 UTC.